Sound Community Bank in Seattle, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Sound Community Bank in Seattle, Washington (WA)
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Sound Community Bank - Overview

  • General
  • FDIC Certificate #: 57451
    Status: Active
    Federal Reserve ID: 429487
    Date Established: January 01, 1953
    WWW: http://www.soundcb.com
    Trust Powers Granted: No
    Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
    Offices: 5 (Domestic: 5, Interstate: No)
    OTS Docket #: 17942
    FDIC's unique #: 363806
    Numeric code: 34
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    FDIC Insured: Yes
    Insured Savings Institution: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: No
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: May 19, 2003
    Last Structure Change Effective Date: July 21, 2011
    Last Structure Change Process Date: July 21, 2011
    Last Data Update: July 21, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 2001 5th Ave., Seattle, WA 98121
    County: King
    Quarterly Banking Profile Region: San Francisco
    FDIC Geographic Region: San Francisco
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Seattle
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Seattle-Bellevue-Everett, WA (#7600)
    Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91)
    Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
    Core Based Statistical Area (CBSA): Seattle-Tacoma-Bellevue, WA (#42660)
    CBSA Metro Statistical Area: Seattle-Tacoma-Bellevue, WA (#42660)
    Core Based Statistical Division: Seattle-Bellevue-Everett, WA (#42644)
  • History of Changes
  • Change in Primary Regulatory Agency
  • Financial Summary
  • Total assets: $339.9 mil
    Equity capital: $28.5 mil
    Deposits held in domestic offices: $301.6 mil
    Return on assets (ROA): 0.58% ($2.0 mil)
    Quarterly return on assets: 0.86% ($2.9 mil)
    Return on Equity (ROE): 7.04% ($2.0 mil)
    Quarterly return on equity: 10.39% ($3.0 mil)
    Net income: $1.9 mil
    Quarterly Net income: $0.7 mil
    Pretax return on assets: 0.87% ($2,957.2 mil)
    Quarterly Pretax return on assets: 1.30% ($4,418.8 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 68Total employees (full-time equivalent)
  • $339,908Total assets
  • $17,031Cash and due from depository institutions
  • $84Interest-bearing balances
  • $2,994Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $297,848Net loans & leases
  • $4,055Loan loss allowance
  • $0Trading account assets
  • $2,385Bank premises and fixed assets
  • $2,703Other real estate owned
  • $3,312Goodwill and other intangibles
  • $339,908Life insurance assets
  • $13,635All other assets
  • $311,407Total liabilities and capital
  • $301,589Total liabilities
  • $275,457Total deposits
  • $301,589Interest-bearing deposits
  • $86Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $8,506Trading liabilities
  • $0Other borrowed funds
  • $1,312Subordinated debt
  • $28,501All other liabilities
  • $28,501Total equity capital
  • $28,501Total bank equity capital
  • $0Perpetual preferred stock
  • $0Common stock
  • $9,760Surplus
  • $18,741Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $5,344Income earned, not collected on loans
  • $0Earning assets
  • $1,234Long-term assets (5+ years)
  • $300,926Average Assets, year-to-date
  • $0Average Assets, quarterly
  • $335,685Volatile liabilities
  • $339,678Insider loans
  • $262,725FHLB advances
  • $339,954Loans and leases held for sale
  • $6,981Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $28,547Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $42,481Restructured Loans and leases
  • $4,260Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $18,609Total interest income
  • $2,782Total interest expense
  • $15,827Net interest income
  • $4,200Provision for loan and lease losses
  • $1,236Total noninterest income
  • $0Fiduciary activities
  • $899Service charges on deposit accounts
  • $0Trading account gains & fees
  • $337Additional noninterest income
  • $9,808Total noninterest expense
  • $5,095Salaries and employee benefits
  • $1,161Premises and equipment expense
  • $3,552Additional noninterest expense
  • $3,055Pre-tax net operating income
  • -$129Securities gains (losses)
  • $989Applicable income taxes
  • $1,937Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,937Net income attributable to bank
  • $0Net charge-offs
  • $1,937Cash dividends
  • $4,161Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.17%Yield on earning assets
  • 0.92%Cost of funding earning assets
  • 5.25%Net interest margin
  • 0.41%Noninterest income to earning assets
  • 3.25%Noninterest expense to earning assets
  • 0.60%Net operating income to assets
  • 0.58%Return on assets (ROA)
  • 0.87%Pretax return on assets
  • 7.04%Return on equity (ROE)
  • 7.04%Retained earnings to average equity (YTD only)
  • 1.39%Net charge-offs to loans
  • 100.94%Credit loss provision to net charge-offs
  • 1.74%Efficiency ratio
  • 56,754Assets per employee
  • 5.00%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.34%Loss allowance to noncurrent loans
  • 75.88%Noncurrent assets plus other real estate owned to assets
  • 2.37%Noncurrent loans to loans
  • 1.77%Net loans and leases to deposits
  • 98.76%Net loans and leases to core deposits
  • 110.89%Equity capital to assets
  • 8.38%Core capital (leverage) ratio
  • 8.40%Tier 1 risk-based capital ratio
  • 10.87%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $335,685Average earning assets
  • $27,506Average equity
  • $301,460Average loans

List of branches

  • 5 Washington Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0363806Sound Community Bank2001 5th Ave., Seattle, WA 98121January 01, 1953Full Service Brick and Mortar
    2418963Sequim Branch541 North 5th Avenue, Sequim, WA 98382May 19, 2003Full Service Brick and Mortar
    5463608Cedar Plaza22807 44th Avenue West, Mountlake Terrace, WA 98043June 30, 2005Full Service Brick and Mortar
    6495242Port Angeles Branch110 North Alder Street, Port Angeles, WA 98362June 23, 2009Full Service Brick and Mortar
    8427200Tacoma-South2941 South 38th Street, Tacoma, WA 98409April 01, 2004Full Service Brick and Mortar

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